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Vietnam's industrial sector reports 9% YoY growth in 2022
30 Dec '22
1 min read
Pic: Shutterstock
In 2022, Vietnam’s industrial sector grew by 9 per cent, as compared to the previous year, according to the country’s ministry of industry and trade. The country’s manufacturing sector reported a growth of 9.5 per cent in 2022, thereby continuing to be the main driver for the entire industrial sector and contributing 86 per cent to the country's total exports despite difficulties to secure orders in major industries such as textile and footwear.
Major shortcomings such as being overly reliant on imports of raw material, sub-par productivity and efficiency, however, continued to plague the country’s industrial sector’s development.
In 2023, Vietnam industrial sector’s targets include keeping a growth rate at 8-9 per cent, bringing manufacturing industries' share of total GDP to over 25 per cent, increasing total import/export turnover by 6 per cent, and maintaining a trade surplus.
Fibre2Fashion News Desk (DP)
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